https://www.taxtmi.com/caselaws?id=425122 The tribunal held that non-filing of a return alone does not warrant a penalty under section 271(1)(c) of the Income Tax Act unless specific conditions outlined in Explanation 3 are met. As the notice under section 148 was issued within the stipulated period, the conditions of Explanation 3 were not satisfied. Consequently, the penalty of Rs. 4,17,700 imposed on an income of Rs. 13,29,340 was overturned, and the appeal favored the assessee. The tribunal ordered the deletion of the penalty confirmed by the CIT(A) on 13-07-2022. en-us Wed, 13 Jul 2022 00:00:00 +0530 Sat, 16 Jul 2022 09:21:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425122 The tribunal held that non-filing of a return alone does not warrant a penalty under section 271(1)(c) of the Income Tax Act unless specific conditions outlined in Explanation 3 are met. As the notice under section 148 was issued within the stipulated period, the conditions of Explanation 3 were not satisfied. Consequently, the penalty of Rs. 4,17,700 imposed on an income of Rs. 13,29,340 was overturned, and the appeal favored the assessee. The tribunal ordered the deletion of the penalty confirmed by the CIT(A) on 13-07-2022. Case-Laws Income Tax Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425122